Since price trends in copper can yield clues about the direction of the global economy, it’s time we revisited this COMEX vehicle. The weekly chart suggests that there is little upward price pressure, only a gentle easing that seems likely to continue until the March contract reaches the 2.7780 target shown. The immediate trend is bullish, however, dating back to June, and the futures are therefore a speculative buy on this pullback. If the next pop were to exceed the 3.4525 peak that I’ve labeled, however, it would suggest that demand, presumably along with economic activity, is picking up and perhaps even breaking out. You should therefore set an alert at 2.7780 to warn of an uptick in commodity prices and economic activity.
